The Steam Turbine Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Steam Turbine Global Market Report 2024, The steam turbine market size has grown steadily in recent years. It will grow from $16.89 billion in 2023 to $17.23 billion in 2024 at a compound annual growth rate (CAGR) of 2.0%. The growth in the historic period can be attributed to industrialization and power demand, expansion of power generation capacity, utilization in thermal power plants, cogeneration and combined heat and power (CHP) systems, reliability and longevity of steam turbines.
The steam turbine market size is expected to see marginal growth in the next few years. It will grow to $18.64 billion in 2028 at a compound annual growth rate (CAGR) of 2.0%. The growth in the forecast period can be attributed to integration in nuclear power plants, increasing demand for district heating systems, focus on energy efficiency in industries, replacement and upgradation in aging infrastructure, emergence of small-scale and modular power plants. Major trends in the forecast period include development of advanced steam turbine controls, focus on upgrading and retrofitting existing steam turbine plants, growth in small-scale and micro steam turbines, introduction of advanced steam turbine materials, collaborations for research and development in steam turbine technology.
The increase in focus on renewable energy is expected to propel the growth of the steam turbine market. Renewable energy, also identified as clean energy, provides consistent power supplies and fuel diversification, improving energy security and reducing the risk of fuel spills. The primary focus on renewable energy is to advance economic development, improve energy security, enhance access to power, and mitigate climate change. The increasing focus on renewable energy creates demand for steam turbines as these are a source of clean energy to produce electricity with no/less environmental impact. For instance, according to the renewable energy industry report by the India Brand Equity Foundation (IBEF), as of January 2022, India’s installed renewable energy capacity stood at 152.36 GW, accounting for 38.56% of total installed power capacity. Power generation from renewable energy sources reached 13.15 billion units (BU) in January 2022, increasing from 11.51 BU in January 2021. Therefore, increasing focus on renewable energy will drive the growth of the steam turbine market.
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The steam turbine market covered in this report is segmented –
1) Steam Turbine Market By Plant Type: Gas, Coal, Nuclear, Other Plant Types
2) Steam Turbine Market By Capacity: Rated Power (<60MW), Rated Power (60-200MW), Rated Power (>200MW)
3) Steam Turbine Market By Technology: Steam Cycle, Combined Cycle, Cogeneration
4) Steam Turbine Market By Design: Reaction, Impulse
5) Steam Turbine Market By End-Use Industry: Power And Utility, Industrial
Top Major Players
Hitachi Ltd.
Siemens AG
General Electric Company
Toshiba Corporation
Alstom Power Inc.
Major companies operating in the steam turbine market are adopting a strategic partnership approach to maximize the utilization and harness the energy content of syngas through the generation of steam. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Imerys S.A., a France-based mining company, partnered with E.ON SE, a Germany-based electric utility company. Through this partnership, E.ON is set to construct an advanced energy recovery facility at the Imerys site. The primary objective is to maximize and harness the energy content of syngas through steam production. The plant will employ a high-efficiency steam turbine with a capacity of up to 29 MWel to generate electricity. In addition to fulfilling Imerys’ local energy requirements, the produced electricity will be fed into the public grid, catering to the energy needs of approximately 40,000 households. E.ON also envisions exploring the prospect of utilizing the residual heat from the power plant as a potential source for a district heating network in the future.
The steam turbine market report table of contents includes:
1. Executive Summary
2. Steam Turbine Market Characteristics
3. Steam Turbine Market Trends And Strategies
4. Steam Turbine Market – Macro Economic Scenario
5. Global Steam Turbine Market Size and Growth
…..
32. Global Steam Turbine Market Competitive Benchmarking
33. Global Steam Turbine Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Steam Turbine Market
35. Steam Turbine Market Future Outlook and Potential Analysis
36. Appendix
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